| Reliance Industries (RIL) has been approached by several international industry majors for a strategic tie-up with Reliance Petroleum. RPL is planning to build Rs 27,000 crore refinery in Jamnagar.
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| “The company has been in discussions with them but no decision has been made in this regard. These discussions cover several proposals, including tie-up on technical support, supply of crude oil and raw material, purchase of finished goods,” RIL informed Bombay Stock Exchange (BSE) today.
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| According to sources, “RPL was in talks with Chevron, China National Petroleum Corporation (CNPC), ExxonMobil and Shell for refining and exploration. CNPC and ExxonMobil have shown their interest to pick up a slice of Reliance Petroleum.” But the did not name any of the oil majors in the notice to the stock exchange it was in discussions with them.
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| According to the notice, “Some industry majors have also shown interest in minority equity stake in RPL either through fresh issue of equity shares by RPL or through sale of part of RPL equity shares held by the Company. All these proposals are under discussion.”
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| RPL will set up a 580,000 barrels-per-day (bpd) refinery next to Reliance’s existing 660,000-bpd refinery. The new refinery is expected to begin commercial operations by December 2008. Upon completion, the export-focused Jamnagar complex could be the biggest refining complex in the world.
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| Reliance Petroleum plans to raise up to $1.3 billion through an initial public offering, which could be India’s largest. It will also raise up to $2 billion through syndicated loans from foreign and domestic banks for the Jamnagar expansion. |
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